Posts about Performance

In August, the macroeconomic narrative shifted as surging U.S. Treasury yields challenged the unbridled momentum of the tech boom. With the 10-year Treasury yield climbing rapidly toward 4.7% and the looming threat of a super El Niño reviving inflation fears through agricultural and supply chain ...

In July, the Australian dollar exposure was the main driver of returns as the heat came out of many of the booming semiconductor stocks. Our portfolios all outperformed their benchmarks significantly. Profit growth continues to be extraordinary. Stockmarket valuations are at the 80th percentile ...

In May, global stock markets continued to march higher. The key question remains whether US profit growth (~20% forecast for each of the next two years) will remain incredible or become non-credible in the face of rising energy costs. Rising inflation and interest rates are a key concern.

In April, stock markets boomed. The key question remains whether US profit growth (~20% forecast for each of the next two years) will stay incredible or if it will become non-credible in the face of rising energy costs. We switched our tactical portfolios back into stocks mid-month as soon as the ...

The story for March was crashing asset prices as markets scrambled to reprice the Iran war. The key question is whether the profit growth (18% forecast for each of the next two years) will stay incredible or if it will become non-credible in the face of rising energy costs. We still have cash, but ...

The story for February was the surging Australian dollar running into incredible profit growth forecasts. Profit forecasts got stronger throughout the month, helping share prices higher, but for Australian investors, the rising AUD offset all of those gains. The key question in March is whether the ...

For January, the Australian dollar was the key story. At an index level, Australian stocks rose 1.5%, but international stocks (largely due to the Australian dollar) fell 2.5%. Our funds were well-positioned for the change. Our core international fund bucked the trend to rise 1.9% for the month. ...

While December itself was weak, the 12 months ending on 31 December were a good year for international stocks. Being overweight internationally, with a healthy exposure to AI, our portfolios all outperformed their benchmarks. Our international fund finished up 20%, and our Australian fund finished ...

The 12 months ending 31 October were volatile. But, after all was said and done, our international fund finished up 25%, our Australian fund finished up over 10%. Our tactical growth finished up around 15%. All of our funds look attractive relative to their benchmarks, especially as they were all ...

The 12 months ending 30 September were volatile. But, after all was said and done, our international fund finished up 25%, our Australian fund finished up over 10%. Our tactical growth finished up over 14%. All of our funds look attractive relative to their benchmarks, especially as they were all ...

Independent performance tables to 30 June are in, and the AFR has listed the best‑performing large super funds. Our flagship Nucleus Growth fund finished near the very top with a 12.1 % return for FY‑25¹.

The financial year end 30 June was volatile. But, after all was said and done, our international fund finished up over 18%, our Australian fund finished up over 15%. Our tactical growth finished up over 12%. All of our funds look attractive relative to their benchmarks, especially as they were all ...

Where to now for investors? A big backdown on tariffs earlier this month saw markets roaring back to be higher than before the tariff announcement. Probably just as importantly, the new fiscal package is far more stimulatory than advertised. It is working its way through the political system.

For the second month in a row stock markets have tumbled in the first week of the month. As such, last month’s performance is far less meaningful than current conditions.

Markets were slightly weak in February, but then turned nastily down in March. We sold down stocks at the start of March - more detail below.